HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitcoin “Hodlers” Control 63% of the Total BTC Supply, New Data Shows

Bitcoin 2020/10/01 04:00 by Cole Petersen

Bitcoin’s price action has done little to reassure investors of its near-term outlook, as the cryptocurrency has largely been caught within the throes of an intense bout of sideways trading over the past couple of weeks.

This has led to the formation of a trading range between $10,200 and $11,200, with buyers and sellers largely reaching an impasse as it trades between these two range boundaries.

The cryptocurrency’s trading volume has been diving lower throughout the course of this consolidation phase, which indicates that traders are moving to the sidelines and awaiting directional clarity before diving into positions.

One bullish fundamental trend that bodes incredibly well for BTC’s macro outlook is the massive percentage of the crypto’s total supply that is controlled by long-term investors.

This trend indicates that a small group of active investors and traders are driving the recent volatility, while the cryptocurrency’s base supply remains dormant.

Bitcoin’s Price Stagnates as Buyers and Sellers Remain Deadlocked

At the time of writing, Bitcoin’s price is trading down just under 1% at its current price of $10,750. This is around where it has been trading throughout the past day, as buyers and sellers have both been unable to catalyze any momentum.

This sideways trading has come about due to the formation of a trading range between $10,600 and $10,800.

While zooming out, the macro range that the benchmark digital asset has been caught within has a lower boundary at $10,200 and an upper boundary at $11,200.

Until either of these levels are surmounted, the cryptocurrency’s outlook remains somewhat unclear, although its ongoing consolidation bout beneath its resistance can be interpreted as slightly bullish.

Vast Majority of BTC’s Supply is Controlled by Long-Term Investors 

Analytics platform Glassnode explained in a recent tweet that 63.3% of the total BTC supply has not been moved in over one year. They also note that a shocking 31.4% of the total supply hasn’t been moved in 3+ years.

“Percent of Bitcoin supply that hasn’t moved in… 1+ years: 63.3%  (11.7 million BTC) 2+ years: 44.5% (8.2 million BTC) 3+ years: 31.4% (5.8 million BTC).”

Bitcoin

Image Courtesy of Glassnode.

This trend is bullish for Bitcoin because it shows that most of its investor base are taking a long-term approach to their holdings and are unlikely to sell into any upwards movements it sees in the near-term.

Featured image from Unsplash.
Pricing data from TradingView.

0 Like(s)



You should also read...

Bitcoin 30/05/20 23:00 by Cole Petersen
Bitcoin’s Rise has Not Been Supported by Growing Volume; What This Means
Bitcoin has seen a notable price rise over the past week, bouncing from its recent lows of $8,800 that were set during its latest downtrend. The subsequent uptrend allowed the cryptocurrency to rally ...
Read More
Bitcoin 11/06/20 01:00 by Cole Petersen
This Bitcoin Volume Trend Formed Before BTC’s Rally to $13,800; It’s Forming Again
Bitcoin’s long-held consolidation phase within the mid-$9,000 region may soon come to an end, as analysts are now noting that the resistance at $10,000 is beginning to evaporate. This isn’t to say...
Read More
Bitcoin 20/07/20 03:00 by Cole Petersen
It’s “Open Air” for Bitcoin Down to $7,000 as Technical Weakness Mounts
Bitcoin has been flashing some signs of technical weakness as it hovers above the lower boundary of its long-held trading range between $9,000 and $10,000. Its inability to stabilize above the support...
Read More
Bitcoin 24/07/20 18:00 by Cole Petersen
Bitcoin Driven Higher by Accumulation Trend as Economist Forecasts Upside
Bitcoin’s recent price action has been rather lackluster compared to that seen in months and years past. For many weeks, the cryptocurrency was caught within a $200 trading range between $9,100 and ...
Read More
Bitcoin 05/09/20 04:00 by Cole Petersen
Data: Long-Term Bitcoin Investors Hold Steady Despite $2,000+ Plunge
After a prolonged period of stability and sideways trading within the $11,000 region, Bitcoin finally witnessed an influx of selling pressure that put an end to this consolidation. This caused the cry...
Read More